"After a detailed assessment of the strategy and performance of Accell Group, Pon Holdings has concluded there is an excellent strategic fit between the bike activities of bothcompanies with benefits for all stakeholders. The combination results in the world's leading global bicycle company," Pon said in a statement.

Accell said it was studying Pon's proposal to pay 32.72 euro per share, 27 percent more than its closing price of 26.53 euros on Monday.